U.S. stocks in retreat

NEW YORK (CNNMoney.com) -- U.S. stocks struggled at the start of trading Friday, with investors wary in the face of a weak dollar, record oil prices and some disappointing quarterly results.

The Dow Jones industrial average fell 0.6%. The Nasdaq composite index lost nearly 1%. The Standard & Poor's 500 index was 0.6% lower.

In the news Friday:

Dollar: The dollar continued its rapid decline to new lows against the euro on Friday, as the euro hit $1.5238 in early European trading.

Oil: Oil prices surpassed $103 a barrel for the first time Friday as persistent weakness in the U.S. dollar and the prospect of lower interest rates attracted fresh money to the oil market.

Personal spending: Consumer spending posted a slight gain in January, according to a government report Friday. The pickup was due primarily to higher prices.

Dell: The computer maker said its fourth-quarter profit fell 6.5%, due in large part to a number of charges it took during the period. Stock (DELL, Fortune 500)

AIG: The largest insurer in the U.S. lost more than $5 billion in the fourth quarter as bad credit ate into its investments. Stock (AIG, Fortune 500)

Gap: The clothing retailer closed out its third consecutive year of declining sales with a 21% increase in its fourth-quarter profit, reflecting the gains from cost cutting. Stock (GPS, Fortune 500)

MBIA: Continued deterioration in the credit markets in January will likely lead to further writedowns, the bond insurer said in a regulatory filing Friday. Stock (MBI)

Time Warner: The media giant (parent of CNNMoney.com) said its Warner Bros. Entertainment studio would absorb its New Line Cinema unit. Stock (TWX, Fortune 500)